{"id":1004029915,"date":"2011-06-01T12:50:20","date_gmt":"2011-06-01T20:50:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004029915"},"modified":"2022-12-06T03:49:23","modified_gmt":"2022-12-06T11:49:23","slug":"pebblebrook-breaks-into-miami-hotel-market-with-36-5m-purchase-of-the-viceroy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pebblebrook-breaks-into-miami-hotel-market-with-36-5m-purchase-of-the-viceroy\/","title":{"rendered":"Pebblebrook Breaks into Miami Hotel Market"},"content":{"rendered":"

June 1, 2011
\nBy Barbra Murray, Contributing Editor<\/p>\n

\"\"<\/a><\/p>\n

Pebblebrook Hotel Trust has made its entr\u00e9e into the Miami market with the acquisition of the 148-room Viceroy Miami from TRG-Brickell Point West Ltd. in a $36.5 million all-cash transaction. \u201cIt\u2019s been one of our target markets since our IPO,\u201d Jon Bortz, chairman and CEO of Pebblebrook, told CPE.<\/p>\n

The hotel REIT, which focuses on the acquisition of upper upscale, full-service hotels, completed its initial public offering in December 2009, and with the purchase of the Viceroy, has since invested approximately $1 billion to amass a portfolio of 13 properties spanning six states from the West Coast to the East Coast, including the District of Columbia. <\/p>\n

Developed along the Biscayne Bay as part of the Related Group\u2019s $1.3 billion, high-end, mixed-use condominium community, ICON Brickell, the Viceroy opened its doors in 2009 with the distinction of providing the longest infinity-edge swimming pool in the state of Florida. The hotel shares the 50-story Viceroy Tower, one of three high-rises that comprise ICON Brickell, with condominium residences and features eateries and 4,000 square feet of meeting space. Guests at the Viceroy also have access to an upscale 28,000-square-foot spa located in one of the other ICON towers. <\/p>\n

\u201cThe Viceroy Hotel really feels like it\u2019s in a luxury billion-dollar complex, and we acquired it at about half of what it cost to build,\u201d Bortz notes. While the property is top-of-the-line, its potential for great success has been impacted by the all-important issue of timing and the developer\u2019s financial troubles. \u201cIt opened in 2009, which was a horrible time to open up a new hotel, and it was overseen by a bank, so clearly there were a lot of challenges there.\u201d However, the property\u2019s performance in 2010\u2014its average occupancy level was 68 percent–was in line with that of the Miami hotel market, where the average occupancy level was 69.9 percent, according to a report by international accounting and consulting firm Deloitte. The figures for the hotel and the city were significantly above the national average of 58.7 percent. And 2011 is already looking better.<\/p>\n

\u201cWe believe the Brickell district has continued to come along as a financial, office, restaurant and entertainment area,\u201d he said. \u201cIt\u2019s not South Beach, but it\u2019s really coming along. And Miami is one of the top 10 metro areas in the country. It has employment growth and it continues to grow as an international gateway city. It\u2019s a very intriguing market.\u201d<\/p>\n

Viceroy Hotel Group will stay on to manage the hotel as it has since the doors opened two years ago. \u201cWe have a relationship with Viceroy and we respect them,\u201d Bortz said. Viceroy Hotel Group also manages Santa Monica, Calif.\u2019s Sheraton Delfina Santa Monica Hotel, which Pebblebrook acquired last November for $102.8 million, and it was the lodging management company that brought Viceroy Miami to the REIT\u2019s attention. The Related Group relied on Jones Lang LaSalle Hotels to orchestrate the sale of the hotel. Gregory Rumpel, executive vice president and Andrew Dickey, vice president, led the JLL team. <\/p>\n","protected":false},"excerpt":{"rendered":"

The $36.5 million all-cash transaction involved the Viceroy, which opened its doors in 2009 with the distinction of providing the longest infinity-edge swimming pool in the state of Florida.<\/p>\n","protected":false},"author":936,"featured_media":1004029916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21742],"tags":[],"class_list":["post-1004029915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-latest"],"acf":[],"yoast_head":"\nPebblebrook Breaks into Miami Hotel Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pebblebrook-breaks-into-miami-hotel-market-with-36-5m-purchase-of-the-viceroy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pebblebrook Breaks into Miami Hotel Market\" \/>\n<meta property=\"og:description\" content=\"The $36.5 million all-cash transaction involved the Viceroy, which opened its doors in 2009 with the distinction of providing the longest infinity-edge swimming pool in the state of Florida.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pebblebrook-breaks-into-miami-hotel-market-with-36-5m-purchase-of-the-viceroy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-06-01T20:50:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T11:49:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/Viceroy-Miami-pool.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"502\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pebblebrook-breaks-into-miami-hotel-market-with-36-5m-purchase-of-the-viceroy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pebblebrook-breaks-into-miami-hotel-market-with-36-5m-purchase-of-the-viceroy\/\",\"name\":\"Pebblebrook Breaks into Miami Hotel Market - 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